PLUS takeover will save govt expense of suppressing toll hikes, says Nazri

Updated 6 years ago · Published on 16 Sep 2017 10:03PM · 4 Comments

Culture and Tourism Minister Nazri Aziz says he backs Maju Holdings Sdn Bhd’s bid to acquire the North-South Expressway Project. – The Malaysian Insight file pic, September 16, 2017.

MAJU Holdings Sdn Bhd’s bid to acquire the North-South Expressway Project (PLUS) through the purchase of UEM Group Bhd and Employees’ Provident Fund (EPF) shares estimated at RM36 billion, should be given due consideration as it will reduce the federal government’s burden, said Tourism Minister Mohamed Nazri Abdul Aziz.

Nazri who is also an Umno Supreme Council member, said the federal government had to fork out compensation of about RM900 million to avoid toll increases.

 “We have to crack our heads every time we (the cabinet members) discuss on raising the toll rate. If we do not allow the highway concessionaires to increase toll, the federal government will have to pay RM900 million. 

“As such, I fully support such proposal because we will not have to pay the RM900 million and almost RM1 billion could be saved for the benefit of the public,” he said after launching the Keretapi  Sarong 2017 #SayangMalaysia programme here today.

Recently, Maju Holdings Group executive chairman Abu Sahid Mohamad expressed his intention to acquire a 51% stake held by UEM Group Bhd  and EPF’s 49% share in PLUS Malaysia Bhd, thereby taking over the country’s major highways as well as several other highway operators, such as Expressway Lingkaran Tengah Sdn Bhd (ELITE) and Linkedua Malaysia Bhd (LINKEDUA). 

The two largest shareholders of PLUS in a joint statement recently said they were in the process of studying the proposal, which was submitted by Evercore Asia Ltd on behalf of Maju Holdings, but refused to elaborate further. – Bernama, September 16, 2017.

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Comments

  • Good idea for Plus takeover. Dont just propose there will be no toll increase in the next 20 years to materialize it, but the Rakyat wants the toll chargers to be reduced slowly year by year and to completely make Plus hiways toll free!

    Posted 6 years ago by Jimmy Jimmy · Reply

    • Good idea??? You think this is a charitable organization or what. After 20 years, we'll pay through the nose to compensate and our children and grandchildren will curse us for the agreement.

      Posted 6 years ago by Malaysian First · Reply

    • " .... If we do not allow the highway concessionaires to increase toll, the federal government will have to pay RM900 million....... " - ...... blame it on your idiotic cabinet colleagues to agree to such extortionate terms .... (not surprising since UEM is an UMNO company so all profits go to UMNO) ... "screwing" the rakyat. In fact EPF should buy over UEM's share of the PLUS infrastructure (instead of investing in U.S.A.'s infrastructure!!!). At least the profits flow back to the EPF contributors, the citizens of Malaysia.

      Posted 6 years ago by Malaysian First · Reply

    • Should be a main comment, not a reply. Sorry.

      Posted 6 years ago by Malaysian First · Reply